According to reports in the Associated Press, the setting up of China's Confucius Peace Prize was intended to protest the 2010 Nobel Peace Prize award to Chinese dissident Liu Xiaobo.
This year will witness the third Confucius Peace Prize since its setup. However, the previous two award ceremonies of this prize didn't go very well. The laureates selected never showed up nor even cared about receiving such a prize.
Some observers saw the affair as a complete farce. The award was given to a terrified small child, supposed to represent Kuomintang Honorary Chairman Lien Chan at the first ceremony and two Russian hotties, supposed to represent Russian President Vladimir Putin, at the second, which just added to the entertainment value.